Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


Crown Financial Statements Six Months To December

Crown Financial Statements Six Months To December 2003

Overview . Six Months To December 2003

Table 1 . Summary Fiscal Indicators

$ million December December
2003 2003 Variance June 2004 June 2003
Actual YTD Forecast YTD $m Forecast Actual
Operating balance 3,916 3,401 515 6,092 1,966
OBERAC 3,723 3,401 322 5,207 5,580
Net worth 27,599 27,135 464 29,920 23,781
Total Crown debt 39,592 39,978 (386) 36,118 38,285
Gross sovereign-issued debt 39,295 39,137 158 34,469 36,086
% of GDP 30.0 29.9 0.1 25.3 28.0
Net core Crown debt 18,429 18,484 (55) 16,935 17,577
Net cash flow from core operating and
investing activity (1,235) (1,495) 260 (1,107) 1,217

The financial statements for the six months ended 31 December 2003 are compared against forecasts based on the 2003 December Economic and Fiscal Update (2003 DEFU).

The operating balance was $3,916 million, which was higher-than-forecast by $515 million. The key drivers of the forecast variance were:

- Core Crown investment income which was higher-than-forecast by $110 million mainly due to better than forecast Government Superannuation Fund investment returns.

- Core Crown expenses being around $160 million lower than forecast, mainly due to timing delays in official development assistance and other functional classifications including Health, Education and Economic & Industrial.

- SOE and Crown entity surpluses were $250 million higher than forecast due to higher sales of goods, foreign exchange gains and investment income.

The OBERAC was $3,723 million. The difference between the OBERAC and the operating balance is largely due to investment asset movements ($193 million).

Gross sovereign-issued debt (GSID) was $39.3 billion (30% of GDP), which was $158 million higher than forecast due largely to classification of certain debt instruments (net debt neutral).

Total Crown debt was $39.6 billion, which was lower-than-forecast by $386 million due to higher than forecast internal holdings of Government Stock by the Government Superannuation Fund and the New Zealand Superannuation Fund.

Net (core) Crown debt was $18.4 billion, which was $55 million lower than forecast reflecting delays in investment activity being primarily injections to Crown entities.

Net cash flow from core operating and investing activity (cash equivalent of OBERAC less capital purchases) was $1.2 billion, which was lower-than-forecast by $260 million due to the reasons outlined for net debt and delays in refinancing private sector debt of District Health Boards.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>


Corrections Corrected: Supreme Court Rules On Release Dates

Corrections has always followed the lawful rulings of the Court in its calculation of sentence release dates. On four previous occasions, the Court of Appeal had upheld Corrections’ practices in calculating pre-sentence detention. More>>


Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>


General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>


Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>


Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news